HOUSTON - The Houston housing market experienced a mixed bag of indicators in May. Year-over-year, single-family home sales and total property sales declined while total dollar volume remained flat. However, home prices reached record highs for the Houston area.

“We have had our ups and downs with home sales this year, but HAR predicted declines due to uncertainty about oil as well as tight inventory, so none of this comes as any surprise,” said HAR Chair Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties.

“We are on our way to a more normalized housing market after a record-setting 2014, and just like an airplane coming in for a landing, passengers are told to expect the possibility of some dips and bumps on approach.”

Housing Market Summary: May 2015 vs. May 2014

May 2015

May 2014

Chg.

Total sales

8,278

8,642

-4.2%

Total dollar volume

$2,273,177,479

$2,282,469,582

-0.4%

Total active listings

30,550

28,712

6.4%

Single-family sales

6,807

7,110

-4.3%

Single-family home
avg. price

$292,040

$279,422

4.5%

Single-family home
median price

$223,000

$201,750

10.5%

Single-family inventory*

3.1

2.8

9.1%

*The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity. The market is considered evenly balanced between supply and demand when it has a six-month inventory.